CloudAlpha Capital Management Limited Hong Kong Invests $1.76 Million in D-Wave Quantum Inc. $QBTS

Key Points

• CloudAlpha Capital Management disclosed a new fourth-quarter stake in D-Wave Quantum, buying 67,300 shares worth about $1.76 million.
• Institutional interest in QBTS remains high, with firms like Vanguard, UBS, and State Street increasing their holdings; 42.47% of the stock is owned by institutions.
• D-Wave recently beat EPS expectations but missed revenue estimates, and analysts remain generally bullish with a Moderate Buy consensus and an average price target of $34.67.

CloudAlpha Capital Management Limited Hong Kong purchased a new stake in D-Wave Quantum Inc. (NYSE:QBTS - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 67,300 shares of the company's stock, valued at approximately $1,760,000.

Several other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of D-Wave Quantum by 41.2% in the 3rd quarter. Vanguard Group Inc. now owns 38,454,869 shares of the company's stock valued at $950,220,000 after buying an additional 11,218,255 shares in the last quarter. UBS Group AG increased its stake in D-Wave Quantum by 541.6% in the third quarter. UBS Group AG now owns 12,089,703 shares of the company's stock valued at $298,737,000 after acquiring an additional 10,205,427 shares during the last quarter. State Street Corp raised its position in D-Wave Quantum by 41.3% during the second quarter. State Street Corp now owns 6,648,395 shares of the company's stock valued at $97,333,000 after purchasing an additional 1,941,762 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in D-Wave Quantum by 136,842.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,194,866 shares of the company's stock valued at $83,546,000 after purchasing an additional 3,192,533 shares in the last quarter. Finally, Clear Street Group Inc. bought a new stake in D-Wave Quantum during the third quarter worth $75,344,000. 42.47% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other D-Wave Quantum news, Director Rohit Ghai sold 10,000 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $17.62, for a total transaction of $176,200.00. Following the completion of the sale, the director owned 27,778 shares of the company's stock, valued at approximately $489,448.36. This represents a 26.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO John M. Markovich sold 10,706 shares of the firm's stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $17.63, for a total transaction of $188,746.78. Following the transaction, the chief financial officer owned 1,451,427 shares of the company's stock, valued at approximately $25,588,658.01. The trade was a 0.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 31,776 shares of company stock valued at $574,571 over the last three months. 3.20% of the stock is owned by insiders.

D-Wave Quantum Stock Performance

Shares of D-Wave Quantum stock opened at $18.20 on Wednesday. The stock has a market cap of $6.73 billion, a price-to-earnings ratio of -16.10 and a beta of 1.95. D-Wave Quantum Inc. has a twelve month low of $12.75 and a twelve month high of $46.75. The company's fifty day moving average is $18.05 and its 200 day moving average is $22.35. The company has a quick ratio of 21.31, a current ratio of 21.41 and a debt-to-equity ratio of 0.03.

D-Wave Quantum (NYSE:QBTS - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.03. D-Wave Quantum had a negative return on equity of 44.06% and a negative net margin of 2,957.23%.The business had revenue of $2.86 million during the quarter, compared to analyst estimates of $4.19 million. During the same period last year, the company earned ($0.02) EPS. D-Wave Quantum's revenue for the quarter was down 80.9% compared to the same quarter last year. Sell-side analysts forecast that D-Wave Quantum Inc. will post -0.44 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on QBTS shares. Northland Securities started coverage on D-Wave Quantum in a report on Monday, April 20th. They issued a "market perform" rating and a $22.00 target price on the stock. Wall Street Zen downgraded D-Wave Quantum from a "hold" rating to a "sell" rating in a research report on Saturday, February 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $40.00 price objective on shares of D-Wave Quantum in a research note on Wednesday, May 13th. Rosenblatt Securities reiterated a "buy" rating and issued a $43.00 target price on shares of D-Wave Quantum in a research report on Wednesday, May 13th. Finally, Canaccord Genuity Group lowered their target price on D-Wave Quantum from $43.00 to $41.00 and set a "buy" rating for the company in a research note on Wednesday, May 13th. Fourteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, D-Wave Quantum currently has an average rating of "Moderate Buy" and an average price target of $34.67.

D-Wave Quantum Profile

D-Wave Quantum Inc NYSE: QBTS develops and provides quantum computing systems, software and services focused on quantum annealing technology. Headquartered in Burnaby, British Columbia, D-Wave designs specialized processors that leverage quantum mechanics to solve complex optimization and sampling problems. Since its founding in 1999 by physicists including Geordie Rose, the company has pursued the development of commercially viable quantum hardware and accompanying software tools.

The company's product portfolio centers on its quantum annealers, which are complemented by hybrid solvers that integrate classical and quantum computing resources.

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